北京大学张翼作了一场题为“银行家贷款人的媒人-当收购方和目标都有一个共同的贷款人”的在职研究生讲座，北京大学(英文：Peking University)，简称北大，初名京师大学堂，是中国近代第一所国立大学，也是最早以“大学”身份及名称而建立的学校，其成立标志着中国近代高等教育的开端。

　　我们调查的收购方共享同一债权人在并购交易上获得回报的效果和目标。我们发现，常见的导致债权人关联交易有较高的协同效应和较高的回报公布了收购企业，同时体验低溢价收购。我们发现有收购的普通债权人关连交易后不显著较大的经营业绩改善，而贷款成本已经收购了通用引债权人关联交易后显著下降幅度较大。此外，我们发现，有投资银行的共同债权人关联交易降低收费标准。我们的银行管理在职研究生研究结果表明与债权人的借贷关系为收购方和目标影响收购的结果。

　　张翼，北京大学光华管理学院金融学副教授，2002年获得密西根州立大学金融学博士学位。他在公司财务、公司治理领域具有丰富的学术研究经验。他曾在Journal of Corporate Finance, Journal of Banking and Finance等国际期刊发表多篇学术论文。

　　原文：We investigate the effect of same creditors shared by the acquirer and the target in M&A transactions on acquisition returns. We find that the common lead creditor connected transactions have higher synergy and higher announcement returns for the acquirer firms while experience lower acquisition premium. We find that there is no significant larger operating performance improvement after the acquisition for common creditor connected transactions while the cost of loan has a significant larger decrease after the acquisition for common lead creditor connected transactions. In addition, we find that there are lower fees for investment banks in the common creditor connected transactions. Our results suggest lending relationships with creditors for the acquirer and the target affect acquisition outcomes.